Central Banking
New ECB Research Bulletin
The European Central Bank released it latest Research Bulletin on 29 June. The bulletin contains articles on the international carry trade, financial integration and capital flows in the new EU member states and productivity growth in the euro area.
ECB's Gonzalez-Paramo on financial stability
In this speech delivered in Istanbul on 28 June 2007, Jose Manuel Gonzalez-Paramo, a member of the Executive Board of the European Central Bank, admits that the "analytical foundations are relatively new, as evidenced by the absence of a universally…
Surprise as de Rato resigns from IMF
Rodrigo de Rato, the managing director of the International Monetary Fund, has announced that he would leave the Fund after its next meetings in October. This will be three years after his appointment and before the end of the normal five-year term.
Minister hints at Japanese wealth fund
Japan's Financial Services Minister said on 29 June that the country should debate whether to set up a fund to manage its foreign currency reserves.
Eurozone business confidence remains high
Recovery in the eurozone remains on track and economic confidence dipped only slightly this month, according to the European Commission. Inflation remained steady at 1.9% in June, within the ECB's target range, according to a separate estimate by…
Thailand governor cool on currency risks
Bank of Thailand governor Tarisa Watanagase says she dioes not expect another currency crisis like the one which hit the country ten years ago.
BoC paper: fiscal and monetary interdependence
A new working paper by the Bank of Canada studies the interdependence between fiscal and monetary policies, and their joint role in the determination of the price level.
Chinense membership of FATF
The Financial Action Task Force has given approval for China to be a full member of the Financial Action Task Force on Money Laundering This is expected to assist the efforts of its banks to expand overseas.
BoE's Gieve: London's City will prosper
Sir John Gieve, a deputy governor of the Bank of England, discussed London's growth as an international financial centre, its effect on financial innovation and the impact of growth in money and credit for the UK economy.
HKMA's Yam: $3bn note is cost-efficient platform
Joseph Yam, chief executive of the Hong Kong Monetary Authority, said on 27 June that a new multi-currency medium term note programme issued by the Hong Kong Mortgage Corporation "will provide a platform for the HKMC to broaden its investor base and…
ECB's financial stability review
The European Central Bank published its biennial overview of sources of risk and vulnerability for financial stability in June.
Mboweni on the commodity boom
Although higher commodity prices have a positive affect on the economy, they create various problems and challenges for economic management, explained Tito Mboweni, governor of South Africa's central bank.
Fed keeps rates at 5.25% for 12th month
The Federal Reserve held interest rates steady 28 June, citing "modest" improvements in recent inflation readings. Fed rates have now remained at 5.25% for 12 months.
Unexpected rate hike in Poland
Poland's central bank surprised market with a second rate hike for this year on 28 June, citing concerns that wage growth will force companies to boost prices.
Bank of England MPC members explain decisions
The testimonies of individual members of the Bank of England's rate-setting monetary policy committee (MPC) before the Treasury select committees on 28 June, provided some clues as to the timing of further tightening.
Czech rates on hold, hikes to follow
The Czech central bank voted 4-1 to keep interest rates on hold at 2.75% on 28 June during its monthly policy meeting. Central bank chief Zdenek Tuma said there was every reason to increase borrowing costs, but that it had not been vital that the central…
Brazilian CB raises growth outlook
Brazil's central bank raised its economic growth forecast as 16 consecutive rate cuts and low inflation fuels consumer spending.
Albanian rates up by 0.25%
Albania's central bank raised interest rates by 25 basis points to 5.75% on 28 June. The central bank's governor, Adrian Fullani, said the risk of inflation had grown stronger lately, prompting the central bank's board of directors to act.
Basel II and financial institution resiliency
Remarks by Nout Wellink, governor President of the Netherlands Bank and Chairman of the Basel Committee on Banking Supervision, at the "Risk Capital 2007" conference in Paris.
HKMA's Yam on renminbi bonds
Renminbi-denominated bonds in Hong Kong are part of a bigger picture for both Hong Kong and the Mainland, writes Joseph Yam.
Fed to streamline cheque processing
As consumers shift to electronic payments, the Federal Reserve Banks set out plans to streamline cheque processing.
RBA's Lowe on the 2007/08 review of payments
Speaking at the 4th International Consumer Credit Card Summit in Sydney, Philip Lowe set out the Payment System Board's plans for its review this year.
RBNZ may continue to sell its dollar - deputy gov
Grant Spencer, deputy governor of the Reserve Bank of New Zealand said on 27 June that the central bank may continue selling its domestic currency, now trading at its highest level in more than two decades.
Norges Bank raises benchmark rate
In a widely predicted move, Norway's central bank raised its benchmark interest rate for the eleventh time in two years, moving the deposit rate up by a quarter point to 4.5%.